Finding Utility in Indian Autos

India's car market is slowly hauling itself out of the garage. While it will take time to get up to speed, investors should consider one car segment that's already ahead—SUVs. The biggest local maker, Mahindra & Mahindra, is worth a bet.

After 16 months of shrinking sales, the broader industry sold 2.7% more passenger cars in May from a year earlier and 13% more in June. An improving economy and Narendra Modi's May election on a pro-business platform seems to have sent Indians to car dealers.